(a) In the United States, state-based market policies to reduce greenhouse gases have been in operation since 2009. More than a quarter of the US population lives in a state with carbon pricing and these states represent one-third of the United States’ gross domestic product. Market-based policies have proved effective at reducing emissions in states across the United States, and around the world. Additionally, well-designed carbon pricing incentivizes energy efficiency and drives investments in low-carbon solutions and technologies, such as renewables, hydrogen, biofuels, and carbon capture, use, and storage. Illinois must assess available suites of programs and policies to support a rapid, economy-wide decarbonization and spur the development of a clean energy economy in the State, while maintaining Illinois’ competitive advantage.
     (b) The Governor is hereby authorized to create a carbon pricing commission to study the short-term and long-term impacts of joining, implementing, or designing a sector-based, statewide, or regional carbon pricing program. The commission shall analyze and compare the relative cost of, and greenhouse gas reductions from, various carbon pricing programs available to Illinois and the Midwest, including, but not limited to: the Regional Greenhouse Gas Initiative (RGGI), the Transportation and Climate Initiative (TCI), California’s cap-and-trade program, California’s low carbon fuel standard, Washington State’s cap-and-invest program, the Oregon Clean Fuels Program, and other relevant market-based programs. At the conclusion of the study, no later than December 31, 2022, the commission shall issue a public report containing its findings.
     (c) This Section is repealed on January 1, 2025.